Canadian online footwear and apparel retailer Shoes.com Technologies Inc announced it shut down operations as of January 27th. The company, which was backed by Canadian merchant bank Hardy Capital Partners, took its three e-commerce properties offline and closed its two brick-and-mortar stores in Vancouver and Toronto. It said it was working with secured lenders to liquidate assets and intended to assign some or all of the affiliates into bankruptcy. In 2015, Shoes.com raised $45 million in a private placement deal. At the time, the company was expected to launch to an initial public offering.
1 min read · 30 January 2017
U.S. private equity firm Riverside Co has sold Polar Windows of Canada Ltd, a Winnipeg maker of window and door systems for residential customers living in climates prone to extreme weather. The news was announced on the website of U.S. investment banking firm SSG Capital Advisors LLC, which advised Polar on the deal. No financial terms were disclosed. The buyer was a consortium that included Henry & Wallace LLC (H&W) and Morris Capital Management, a U.S. private equity firm. Riverside acquired Polar in December 2007.
1 min read · 30 January 2017
U.K. private equity firm B.P. Marsh and Partners has acquired a 30 percent interest in Stewart Specialty Risk Underwriting Ltd (SSRU), a Toronto provider of insurance products to clients in the construction, manufacturing, onshore energy, public entity and transportation industries. In addition to its undisclosed equity investment, B.P. Marsh gave SSRU access to a loan facility of $850,000. With the deal, Oliver Bogue, an investment director at B.P. Marsh, will join the company's board. SSRU was founded last year by CEO Stephen Stewart. B.P. Marsh specializes in investing in early-stage financial services businesses.
3 min read · 30 January 2017
More than 150 leaders in Canada's technology community have rejected the executive order recently issued by U.S. President Donald Trump banning travel from seven Muslim-majority countries for 90 days and suspending all refugee admission for 120 days into the United States. In an open letter, technology leaders said they believe "diversity is a source of strength and opportunity" that supports innovation of benefit to the world. They called on the Canadian government to institute an immediate and targeted visa that provides those currently displaced by the U.S. order with temporary residence in Canada.
3 min read · 30 January 2017
The venture capital policies of Canadian governments need to be more transparent and accountable, according to a new report from C.D. Howe Institute. The report, authored by Richard Rémillard, formerly the executive director of the Canadian Venture Capital and Private Equity Association, argues that venture capital-focused agencies, programs and tax incentives should also be reviewed to ensure they position Canada for the "technological revolution." He proposes several steps, including a mandated review process, a more robust analytical framework, an emphasis on industry professional development, and federal-provincial co-ordination.
3 min read · 27 January 2017
Jeld-Wen Holding Inc has priced its initial public offering (IPO) of 25 million common shares at US$23 per share. The IPO, filed last year, will generate about US$575 million in proceeds, according to Renaissance Capital, and result in the company listing its shares on the New York Stock Exchange under the symbol “JELD.” Canadian private equity firm Onex Corp, which bought into Jeld-Wen in October 2011, will share in the proceeds. Onex reports making an equity investment of US$985 million in Jeld-Wen, a Charlotte, North Carolina-based manufacturer of doors and windows.
3 min read · 27 January 2017
The Ontario Municipal Employees Retirement System (OMERS) has agreed to invest US$1 billion in the acquisition of Swiss insurer Allied World Assurance Co Holdings AG by Fairfax Financial Holdings Ltd. Fairfax, a Canadian financial holding company, announced the proposed buy of Allied World for US$4.9 billion in December. The cash-and-stock deal is expect to close in the second quarter. OMERS' investment will give it a stake in Allied World of about 21 percent. Fairfax said it is discussing deal participation with additional third parties. Allied World is a provider of property, casualty and specialty insurance and reinsurance solutions.
6 min read · 27 January 2017
ESW Capital, a U.S. private equity firm, has acquired preferred shares and a warrant in Redknee Solutions Inc (TSX: RKN), a Toronto provider of software products and services to the telecommunications industry. The private placement will generates gross proceeds of US$83.2 million. Founded in 1999, Redknee reports having 250 service-provider customers in more than 90 countries. It is led by President and CEO Lucas Skoczkowski. Austin, Texas-based ESW focuses on investing in mature business software companies.
3 min read · 26 January 2017
Medisys Health Group Inc has acquired Tri Fit Inc, an Oakville, Ontario provider of corporate fitness facility management and design services, as well as workplace health and wellness programming. No financial terms were released. Medisys, a corporate health specialist, said the acquisition will strengthen its employee health and wellness offering and enable scalable, cost-effective solutions. Tri Fit's founders, Sue Pridham and Veronica Marsden, will continue to run the business. Founded in 1987, Montréal-based Medisys is a portfolio company of Canadian healthcare private equity firm Persistence Capital Partners.
4 min read · 26 January 2017
New York-based WorkFusion, an intelligent automation specialist, has closed a US$35 million Series D financing. The round was led by Canadian growth equity firm Georgian Partners. It was joined by the company's existing investors, including Canada's iNovia Capital, as well as Mohr Davidow Ventures, NGP, Greycroft and RTP Ventures. Georgian Managing Partner Justin LaFayette said the firm invested in WorkFusion because "it aligns with our thesis that artificial intelligence will transform business, but most importantly because the company has made machine learning practical and powerful for enterprise operations."
3 min read · 26 January 2017
